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Tesco fined tens of millions for accounting fraud


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Tesco fined tens of millions for accounting fraud

Tesco is to pay a £129m fine to avoid prosecution over a 2014 accounting fraud.

Between February and September of that year Tesco misled investors by issuing a trade statement overstating its profits.

One month later Tesco said it had boosted profit figures by £250m, it was later revised to
£326m.

The retailer has also agreed to spend £85m on compensating investors.

To qualify investors must have bought more shares than they sold during the offending period.

Tesco said it had fully accepted the regulator’s findings that the company abused the market.